Bob,
You can probably take it apart , but you need to know some things. The most important is the max pump pressure. You can note the number of threads showing on the adjuster, and reset it to that position, or get a pressure gage and set the pressure to unload before it hits max pressure. You might call the manufacture of the pressure washer and he might tell you the relief setting. If you are going to take it apart, check the shaft of the unloader valve and the spring, and the seat for rust or corrosion.
The best thing probably is to replace the unloader. If you have a pressure washer shop in your area, they will sell you a valve, or they can install it for you.
Since you said the engine runs fine, and the pump is putting out water, It almost has to be the unloader valve. Make sure your gun and the tip are not clogged. Trying starting it with the gun unplugged.
I still have a lot of my commercial pressure washer stuff, just about one of everything that was available, and sometimes two or three of each. The best thing they ever came out with is the turbo nozzle. and the surface cleaners.